Israeli company MobilEye Vision Technologies has raised $5 million at a company value of $23 million, after money. The financing round is the company's second. The company raised $1 million in August at a company value of $6 million after money.
Investors in the current round include FIBI, First International group's investment house; the Effective investment company; a US investment bank, the name of which was not disclosed for publication; and a group of private investors from the GTL investors' club.
MobilEye is developing a driver assistance system, based on a video camera installed in the front of the car. The system is designed to warn of dangerous traffic situations, through real time computer analysis of road pictures. The system will thereby help prevent traffic accidents.
The company operates in the area of Intelligent Traffic Systems (ITS). Its products are designed mostly for auto manufacturers and car subsystems. The company has signed agreements with leading Japanese car manufacturers. The company has branches in Jerusalem and Tokyo.
The GTL investment house specializes in private placements for high tech ventures. GTL's investors' club includes entrepreneurs, businessmen, and industrialists from Israel and the US. The investors' club organizes ad hoc partnerships for investment in various projects.
Published by Israel's Business Arena on May 7, 2000